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ARTICLE · 03 OCTOBER 2022

Amendments To Proxy Advisor Rules Become Effective

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On September 19, 2022, amendments to the Securities and Exchange Commission (SEC) rules governing proxy solicitations became effective. The amendments, proposed on November 17, 2021, seek...

United StatesCorporate/Commercial Law
Rosa Testani
Rosa Testani
John Patrick Clayton
John Patrick Clayton
Paul Monsour
Paul Monsour
Kimia Jalalipour
Kimia Jalalipour
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On September 19, 2022, amendments to the Securities and Exchange Commission (SEC) rules governing proxy solicitations became effective. The amendments, proposed on November 17, 2021, seek to address concerns by investors and others that the current rules may impede and impair the timeliness and independence of proxy voting advice and subject proxy voting advice businesses (PVABs) to undue litigation risks and compliance costs.

As described in more detail below, the amendments rescind two rules regarding proxy voting advice provided by PVABs that the SEC adopted in July 2020 (2020 Final Rules), as well as certain guidance that the SEC issued to investment advisers about their proxy voting obligations (2020 Supplemental Proxy Voting Guidance). Specifically, the amendments rescind:

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